about a yield curve where two-year rates are about where they are today, and 10-year rates are five, five and a quarter, 30-year rates maybe five and a half. I'm talking about a world in which the P.E. multiple is 18 versus 22. Yeah. We're also in a world though where debt and deficits are very high and interest payments are extremely high. So those relatively small moves on a historical basis can have huge impact and ripple effects. Well, we can discuss the cost of funding the government and what such a thing, a storm like I've just described, would actually cost. And to be honest, it wouldn't cost anything because a higher long-term interest rate is only modestly going to increase the treasury's cost of debt. If you get that normalization and bills rates fall from 5% to 4% on what is now $6 trillion of issuance, you're going to save 100 basis points on $6 trillion, which is a lot, $60 billion. So I don't want to go off into the proportion of our budget that is interest. It's a red (36/40)
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